updated 03:26 pm EST, Wed November 27, 2013

Company has failed to repay 15 percent interest loan to financial group

Solid state drive manufacturer OCZ Technlogy is filing for bankruptcy, with Hercules Technology Growth Capital having taken control of its accounts at Silicon Valley Bank and Wells Fargo. The company has received an offer from Toshiba to buy its assets and intellectual properties in a bankruptcy proceeding.

Since entering the memory market in 2002, OCZ targeted its products primarily at the computer hardware enthusiast market, first producing performance DDR RAM, video cards, USB drives, and various cooling products. OCZ now produces solid state drives and power supplies. OCZ maintains satellite offices in The Netherlands, United Kingdom, and Israel along with manufacturing and logistics facilities in Taiwan.

2013 saw OCZ's revenue fall steeply from $88.6 million in the second fiscal quarter of 2012 to $33.5 million in the second fiscal quarter of 2013, while financial losses increased. The company took a loan from Hercules at 15 percent early in 2013. OCZ is expected to file the paperwork for bankruptcy after more negotiations with Toshiba and Hercules.